(Alliance News) - Ventus VCT PLC and Ventus 2 VCT PLC on Tuesday said they have made changes to the composition of their boards to address issues raised by shareholders at their recent annual general meeting.
Ventus VCT C shares were untraded in London on Wednesday, last closing at 128.00 pence each, while ordinary shares were untraded at 127.00p each. Ventus 2 VCT shares were untraded at 75.00p each.
At the beginning of August, Ventus VCT and Ventus 2 VCT met shareholder opposition for several resolutions, while some resolutions that the board opposed received significant support.
For Ventus VCT, shareholders voted considerably against the re-election of Chair David Williams and of directors Jo Dixon, Chris Zeal and Lloyd Chamberlain. Despite the strong minority opposition, the resolutions were still carried.
Meanwhile, requisitioned resolutions for the appointment of Nicholas Curtis, Andrew Garrad and Richard Roth as directors to the venture capital trust, which the board had recommended against, were rejected but only by small margins.
Despite the board's original opposition, on Tuesday, Ventus VCT said it has appointed Curtis as non-executive director with immediate effect. It noted that Curtis is a significant shareholder in both Ventus VCT and Ventus 2 VCT. He has project finance experience from his time at Barclays Capital, it noted, and owns a renewable energy business with 12 renewable assets.
However, Ventus VCT said Zeal and Chamberlain will resign with immediate effect and will take up seats on the board of Ventus 2 VCT.
Both companies said on Tuesday they believe that the new arrangements provide an "excellent" balance of director skills and experience and are part of an ongoing plan to address the needs of shareholders in the run up to a continuation vote in 2020.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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